Unilever seeks delisting of its shares
The majority shareholder of Unilever Pakistan Limited is seeking the delisting of the shares of the company from Karachi, Lahore, and Islamabad stock exchanges. According to a information sent by Unilever to Karachi Stock Exchange.
Copyright Business Recorder, 2012
The majority shareholder of Unilever Pakistan Limited ("the Company"), Unilever Overseas Holdings Limited, United Kingdom, who presently holds 75.05 percent of the total issued share capital of the company, has conveyed its intention to acquire all of the issued ordinary shares held by the other shareholders of the company at a proposed purchase price of Rs 9,700 per ordinary share and to seek the delisting of the share of the company from all the three bourses ie, the Karachi, Lahore, and Islamabad stock exchange, in accordance with the voluntary de-listing provisions of their respective listing regulations and to seek the revocation of CDS eligibility of the shares of the company.
This decision is in line with Unilever PLC''s strategy for Unilever Pakistan, which is to maximise Unilever''s shareholding to as close to 100 percent and to de-list Unilever Pakistan, it said. Unilever Overseas offers to purchase from other shareholders of Unilever Pakistan their entire shareholding in Unilever Pakistan at the purchase price of Rs 9,700 per share, based on regulation 30-A (i) of the Listing Regulations of the stock exchanges.
This offer is, of course, subject to acceptance by the Karachi, Lahore and Islamabad Stock Exchanges and will be processed in accordance with the procedures prescribed by them in their respective Listing Regulations, it added. This information has also been sent to the Securities and Exchange Commission of Pakistan under Regulation 30-A (i).